Saturday, 22 August 2015

Hey student\professionals apart from interview here we come with great loan related post which is very important for education and it can be a questions in your interview. eg.Which site is started by Gvt. for Education loan?
Ans: www.vidyalakshmi.co.in

In a student-friendly move, the Central government(Modi goverment) has launched a portal, where students can apply for education loan to multiple banks by filling just one form. So far, 13 banks have registered 22 educational loan schemes on www.vidyalakshmi.co.in.

The portal has the following features:
1- Information about educational loan schemes of banks
2- Common educational loan application form for students
3- Facility to apply to multiple banks for educational loans
4- Facility for banks to download Students’ loan applications
5- Facility for banks to upload loan processing status
6- Facility for students to email grievances/queries relating to educational loans to banks
7- Dashboard facility for Students to view status of their loan application and linkage to National Scholarship Portal for information and application for government scholarships.

For India : NIL For Abroad Rs. 1000 (Refundable on availing Loan from the bank)

Pre-Payment Charges

NIL

Amount (maximum amount can be approved to applicant)

150000

2).
BANK OF INDIA

Bank Name

BANK OF INDIA

Scheme Name

BOI STAR EDUCATION LOAN SCHEME

Description

The Star Educational Loan Scheme aims at providing financial support from the bank to deserving/ meritorious students for pursuing higher education in India and abroad. The main emphasis is that every meritorious student is provided with an opportunity to pursue education with the financial support on affordable terms and conditions.

Student Eligibility

Should be an Indian National;

Secured admission to professional/technical courses in India or Abroad through Entrance Test/Merit based selection process.

Good academic career.

The student should not have outstanding education loan from any other Institution.

Approved courses leading to graduate/ post graduate degree and P G diplomas conducted by recognized colleges/ universities recognized by UGC/ Govt. / AICTE/ AIBMS/ ICMR etc.2.Courses like ICWA, CA, CFA etc. 3. Courses conducted by IIMs, IITs, IISc, XLRI. NIFT, NID etc. 4. Regular Degree/Diploma courses like Aeronautical, pilot training, shipping, degree/diploma in nursing or any other discipline approved by Director General of Civil 4.Aviation/Shipping/Indian Nursing Council or any other regulatory body as the case may be, if the course is pursued in India.5.Approved courses offered in India by reputed foreign universities.6.Other job oriented courses leading to technical/ professional degrees, post graduate degrees/diplomas offered by recognized institutions. 7. Courses other than the above offered by reputed institutions may also be considered on the basis of employability. 8. Students pursuing employment oriented courses like teachers training courses and 3 years technical diploma courses in polytechnic institutions after completion of 10th standard are also eligible provided they are offered by approved/recognised colleges/institutions.

Post-graduation:MCA, MBA, MS, etc.,Courses conducted by CIMA-London, CPA in USA etc.;Degree/diploma courses like aeronautical, pilot training, shipping etc provided these are recognized by competent regulatory bodies in India/abroad for the purpose of employment in India/abroad.

Reference: www.webometrics.info (indicative only)

Minimum Criteria

Student should be an Indian National

b. Student should have secured admission to a higher education course in recognized institutions in India through Entrance Test/ Merit Based Selection process after completion of HSC (10 plus 2 or equivalent)

Repayment Period

Upto Amount (in Rs.) : Possible Values could be

Upto Rs. 4 lacs- 120 months

Between Rs. 4 lacs and Rs. 7.5 lacs- 120 months

Above Rs. 7.5 Lacs- 180 months

Please enter period in months

If the repayment period is different for different amounts, please fill details in separate columns

1% concession for full tenure of the loan, if interest is serviced promptly as and when applied during the moratorium period, including course duration

Processing Fee

NIL

Pre-Payment Charges

NIL

Amount (maximum amount can be approved to applicant)

INDIA: Rs 10 lakhs, ABROAD: Rs. 20 lakhs

Bank Name

Bank Name

BANK

Scheme Name

SCHEME

Description

Description

Minimum Criteria

Minimum

Repayment Period

Repayment

Interest Rate

Interest

Processing Fee

Processing

Pre-Payment Charges

Pre-Payment

Amount (maximum amount can be approved to applicant)

Amount

4).
Canara Bank

Bank Name

Canara Bank

Scheme Name

Canara Bank Vidya Turant Loan scheme

Description

Loan Limit:

Students of IIMs: Limit up to Rs 25.00 lacs

Students of ISB, Hyderabad & Mohali: Limit up to Rs 30.00 lacs.

All other institutions other than Limit up to Rs 20.00 lacs

Minimum Criteria

Student should have secured Admission to the approved institutions by Canara Bank under Vidya Turant Scheme

Repayment Period

10 - 15 years

Interest Rate

base rate i.e.10.00 %

Processing Fee

NIL

Pre-Payment Charges

NIL

Amount (maximum amount can be approved to applicant)

Students of IIMs Limit up to Rs 25.00 lacs.

Students of ISB, Hyderabad & Mohali Limit up to Rs 30.00 lacs.

All other institutions other than Limit up to Rs 20.00 lacs.

5).
Canara Bank

Bank Name

Canara Bank

Scheme Name

Canara Bank Vidya Sahay Loan scheme

Description

At the Counseling centres, students are expected to remit the initial amount by way of DD which may range from Rs.40000/- upto Rs.1.00 lac. Many parents of such students find it difficult to arrange for funds, and resort to outside borrowings at higher rates. Hence to help such students a new scheme – Vidya Sahay has been designed and introduced

Minimum Criteria

Students who appeared in CET conducted by respective State Governments, CBSE, IIT and such other All India Examinations and selected for counseling and otherwise eligible for Education Loans under our Scheme.

Repayment Period

10 - 15 years

Interest Rate

base rate + 1.50 i.e.11.50 %

Processing Fee

NIL

Pre-Payment Charges

NIL

Amount (maximum amount can be approved to applicant)

As applicable to IBA's Model Education Loan Scheme

6).
Corporation Bank

Bank Name

Corporation Bank

Scheme Name

Corp Vidya

Description

Under - Graduation

Minimum Criteria

Student should be an Indian national. Should have passed previous qualifying examination.

Should have secured at least 60% marks [ 55% for student belonging to SC/ST category ] in the previous qualifying examination.

Should have secured admission to a higher education course in recognized institutions in India or Abroad through Entrance test / Merit based selection process/through Management quota after completion of HSC [10+2 or equivalent]

Repayment Period

Upto Rs. 4 Lacs Upto 120 Months

Upto Rs. 7.5 Lacs Upto 120 Months

Above Rs. 7.5 Lacs Upto 180 Months

Interest Rate

Male:- For loans upto Rs.4 lacs: 11.60% (Floating)

Male:- For loans upto Rs.4 lacs: to Rs.7.5 lacs 12.60% (Floating)

Male:- Above loans Rs.7.5 lacs: 12.10% (Floating)

Female:- For loans upto Rs.4 lacs: 11.10% (Floating)

Female:- For loans upto Rs.4 lacs: to Rs.7.5 lacs 12.10% (Floating)

Female:- Above loans Rs.7.5 lacs: 11.60% (Floating)

Processing Fee

NIL

Pre-Payment Charges

NIL

Amount (maximum amount can be approved to applicant)

Maximum Rs. 20 lacs

7).
IDBI Bank

Bank Name

IDBI Bank

Scheme Name

Education Loan Scheme for Other Management Quota Students

Description

Granted to Students who are Indian Nationals –Having secured confirmed admission under management quota since he/she has not qualified for admission under merit quota for Courses offered in India.

Any job oriented courses offered by any educational institute/organization located in India and having the approval of any statutory authority like AICTE, UGC, etc.

Co-applicant is mandator

Guarantors : Not applicable.

Collateral security :

Tangible Security is mandatory irrespective of the loan amount.

In the form of Land/Building which should have value of 1.33 times the amount of loan sought. Such security should not be an open plot or agricultural land engaged in cultivation activities

Any Fixed Income Security viz. Govt. securities/ Public Sector Bonds, NSC, KVP, LIC policy, debentures, Fixed Deposits with IDBI bank, etc. having fixed returns/ surrender value in the name of student/ parent/ guardian/ Co-applicant(s).The minimum value of such security shall be 1.1 times of the loan sought after considering the margin requirement applicable for the loan against respective security instrument.Applicable heads of expenses: Purchase of Books/ Equipments/ Instruments/ Uniforms.

Fee payable to college/ school / hostel.

Examination/Library/Laboratory Fee.

Caution Deposit/Building Fund/ Refundable Deposit supported by Institution Bills/Receipts subject to the condition that the amount does not exceed 10% of total tuition fees for the entire course.

Travel Expenses/ passage Money for Studies Abroad.

Purchase of Computers - Essential for Completion of the Course.

Any other expense required to complete the course - like Study Tours, Project Work, Thesis, etc.

Insurance premium for student borrower, if insurance cover sought.

The maximum total expenditure under the heads e, f, g and h to be restricted to 50% of the total tuition fees payable for completion of the course.

Balance Transfer from other FI to IDBI Bank: Not Allowed

Minimum Criteria

Student should be an Indian National and have secured admission under management quota since he/she has not qualified for admission under merit quota for Courses offered in India

Repayment Period

The repayment tenor after completion of the moratorium period is 10 years.

Interest Rate

13%

Processing Fee

1% of the loan amount plus applicable taxes

Pre-Payment Charges

2% on the amount of prepayment to be charged if prepaid before 6 months from the date of commencement of EMI

Amount (maximum amount can be approved to applicant)

Maximum Rs. 10 Lakh or 85% of the course fee whichever is lower.

8).
IDBI Bank

Bank Name

IDBI Bank

Scheme Name

Education Loan for Vocational Courses

Description

Granted to Students who are Indian Nationals – Having secured admission in a course run or supported by Ministry /Department /Organization of the Government or a company / society /organization supported by National Skill Development Corporation or State Skill Mission / State Skill Corporations, preferably leading to a certificate, Diploma/Degree, etc. issued by a Government Organization or an organization recognized /authorized by the Government to do so.

Co-applicant is mandatory.

Guarantors/Collateral Security : Not applicable.

Applicable heads of expenses:

Tuition /course fees

Examination / Library / Laboratory fee.

Caution Deposit

Purchase of books, equipment and instruments

Any other reasonable expenditure found necessary for completion of the course to be considered on merits.

Insurance premium for student borrower, if insurance cover sought.

Balance Transfer from other FI to IDBI Bank: Not Allowed

Minimum Criteria

Student should be an Indian National and have secured admission for Vocational /skill development courses run or supported by a Ministry/Department /Organization of the Government or a company /society / organization supported by National Skill Development Corporation or State Skill Mission /State Skill Corporations, preferably leading to a certificate, Diploma /Degree, etc. issued by a Government Organization or an organization recognized /authorized by the Government to do so.

Repayment Period

The repayment tenor after completion of the moratorium period is as under:

Loans up to Rs. 50,000 : up to 2 years

Loans between Rs. 50,000 to Rs. 1 Lakh : 2 to 5 years

Loans above Rs. 1 Lakh : 3 to 7years

Interest Rate

11%

Processing Fee

NIL

Pre-Payment Charges

NIL

Amount (maximum amount can be approved to applicant)

For courses of duration up to 3 months : Upto Rs. 20,000/-

For courses for the duration between 3 and 6 months : Upto Rs. 50,000/-

For courses of duration above 1 year : Upto Rs. 1,50,000/-

9).
IDBI Bank

Bank Name

IDBI Bank

Scheme Name

Education Loans for students studying in Premier Education Institutes

Description

Granted to Students who are Indian Nationals –Studying in premier educational institutes like IIMs (Full time executive and regular programs only), IITs (full time engineering and management courses only) and ISB (courses offered at two campuses one in Hyderabad and the other at Mohali, near Chandigarh).

Tangible security in the form of Land/Building (The minimum value shall be 1.33 times the amount of loan sought)/ Govt. securities/ Public Sector Bonds/ Units of UTI, NSC, KVP, LIC policy, gold, shares/units of mutual fund/debentures, bank deposit in the name of student/ parent/ guardian or any other third party (The minimum value shall be 1.1 times or as per respective margin limit against the security offered, whichever is minimum, of the amount of loan sought) or any other tangible security acceptable to the bank with suitable margin. The Land offered as collateral security should not be an agricultural land.

Applicable heads of expenses:

Fee payable to college/ school / hostel.

Examination/Library/Laboratory Fee.

Purchase of Books/ Equipments/ Instruments/ Uniforms.

Caution Deposit/Building Fund/ Refundable Deposit supported by Institution Bills/Receipts subject to the condition that the amount does not exceed 10% of total tuition fees for the entire course.

Travel Expenses/ passage Money for Studies Abroad.

Purchase of Computers - Essential for Completion of the Course.

Any other expense required to complete the course - like Study Tours, Project Work, Thesis, etc.

Insurance premium for student borrower, if insurance cover sought

Balance Transfer from other FI to IDBI Bank: Allowed subject to complying norms for Balance Transfer

Minimum Criteria

Student should be an Indian National and have secured admission in Premier Education Institute (as per the enclosed list)

Repayment Period

The repayment tenor after completion of the moratorium period would be as under :

For loans up to Rs. 7.5 lakh : up to 10 years.

For loans above Rs. 7.5 lakh : up to 15 years.

Interest Rate

10%

Processing Fee

NIL

Pre-Payment Charges

NIL

Amount (maximum amount can be approved to applicant)

Rs. 30 Lakh or 95% of the total cost of the program (Inclusive of insurance cover) whichever is lower.

10).
IDBI Bank

Bank Name

IDBI Bank

Scheme Name

Education Loan for Courses offered by ICAI

Description

Granted to Students who are Indian Nationals –
Pursuing Course offered by The Institute of Cost Accountants of India (ICAI), the Institute of Cost and Works Accountants of India courses (ICWAI) and Institute of Company Secretaries of India (ICSI) viz. CA,ICWA & CS

Co-applicant is mandatory.

Collateral security : Nil

Applicable heads of expenses:

The Loan will be available for initial registration fee payable to institute/examination fee/library fee for each course/stage

Private Coaching fees will not be covered under the said EL.

Purchase of Computers/ Laptop/ tablet, essential for completion of the course, will be allowed only after passing CPT. The loan amount for computer/ laptop not to exceed Rs. 40,000/-.

No finance for private tuitions. However, expenditure on Live Virtual Classes supported by institution bills/ receipts and cost of tuitions conducted by ICAI would be allowed

Charges paid to hostel/PG charges to be restricted to maximum upto total course registration fee.

Balance Transfer from other FI to IDBI Bank: Not Allowed

Minimum Criteria

Student should be an Indian National and have secured admission for Chartered Accountancy Course offered by ICAI

Repayment Period

Loan repayment to be completed in Maximum of 84 months after commencement of repayment.

Interest Rate

11% for Loans with sanction amount upto Rs.10 lakh.

12% for loans with sanction amount above Rs.10 lakh

Processing Fee

NIL

Pre-Payment Charges

NIL

Amount (maximum amount can be approved to applicant)

Maximum Rs. 3 Lakh

11).
IDBI Bank

Bank Name

IDBI Bank

Scheme Name

Education Loan for Special Courses

Description

Granted to Students who are Indian Nationals –
Enrolled for degree / diploma / certification Courses in India offered by reputed Institutes/ Private Agencies/ Companies including part time courses/ executive programmes by IIMs, other reputed management institutions, open and central universities, IITs, NITs/ franchises / OEMs of IT related Hardware & Software, which result into significant enhancement in job opportunities or career growth for the student eg. SAP, .net, C-DAC, etc.

Net worth of the guarantor should be at least equal to the loan amount extended, after considering margin requirement applicable for loan against respective security instrument. Creation and acceptance of security, margin and other norms would be as applicable to Loans against respective security instrument.

In case of Security :

In the form of Land/Building. Such security should not be an open plot or agricultural land engaged in cultivation activities.

OR

Any Fixed Income Security viz. Govt. securities/ Public Sector Bonds, NSC, KVP, LIC policy, debentures, Fixed Deposits with IDBI bank, etc. having fixed returns/ surrender value in the name of student/ parent/ guardian/ Co-applicant(s). The minimum value of such security shall be 1.1 times of the loan sought after considering the margin requirement applicable for the loan against respective security instrument.

These loans will not qualify for CSIS on Education Loan, as this variant is outside the purview of IBA guidelines.

Applicable heads of expenses:

Fee payable to college/ school / hostel.

Examination/Library/Laboratory Fee.

Purchase of Books/ Equipments/ Instruments/ Uniforms.

Caution Deposit/Building Fund/ Refundable Deposit supported by Institution Bills/Receipts subject to the condition that the amount does not exceed 10% of total tuition fees for the entire course.

Travel Expenses/ passage Money for Studies Abroad.

Purchase of Computers - Essential for Completion of the Course.

Any other expense required to complete the course - like Study Tours, Project Work, Thesis, etc.

Insurance premium for student borrower, if insurance cover sought.

The maximum total expenditure under the heads e, f, g and h to be restricted to 50% of the total tuition fees payable for completion of the course.

Balance Transfer from other FI to IDBI Bank: Not Allowed.

Minimum Criteria

Student should be an Indian National and have secured admission for degree / diploma / certification Courses in India offered by reputed Institutes/ Private Agencies/ Companies including part time courses/ executive programmes by IIMs, other reputed management institutions, open and central universities, IITs, NITs/ franchises / OEMs of IT related Hardware & Software, which result into significant enhancement in job opportunities or career growth for the student.

Repayment Period

Loan repayment to be completed in Maximum of 84 months after commencement of repayment.

Interest Rate

11% for Loans with sanction amount upto Rs.10 lakh.

12% for loans with sanction amount above Rs.10 lakh

Processing Fee

NIL

Pre-Payment Charges

NIL

Amount (maximum amount can be approved to applicant)

Maximum Rs.5 Lakh

12).
IDBI Bank

Bank Name

IDBI Bank

Scheme Name

Education Loan to Physically Challenged Persons under NHFDC scheme

Description

Granted to Students who are Indian Nationals –Having physical disability to the extent of 40% or more and have secured admission in a recognized educational institution, through merit quota, in India or Abroad.

Co-applicant mandatory in each case, irrespective of loan amount

Collateral security : "Up to Rs. 4 lakh : No security

Above Rs. 4 lakh and up to Rs. 7.5 lakh : Third Party Guarantee However Bank at its discretion, in exceptional cases, waive third party guarantee if satisfied with the net-worth/means of parent/s who would be executing the documents as "joint borrower".

"Above Rs. 7.5 lakh : Land/Building (The minimum value shall be 1.33 times the amount of loan sought)/ Govt. securities/ Public Sector Bonds/ Units of UTI, NSC, KVP, LIC policy, gold, shares/units of mutual fund/debentures, bank deposit in the name of student/ parent/ guardian or any other third party (The minimum value shall be 1.1 times or as per respective margin limit against the security offered, whichever is minimum, of the amount of loan sought) or any other tangible security acceptable to the bank with suitable margin. The Land offered as collateral security should not be an agricultural land.

Applicable heads of expenses:

Fee payable to college/ school / hostel.

Examination/Library/Laboratory Fee.

Purchase of Books/ Equipments/ Instruments/ Uniforms.

Caution Deposit/Building Fund/ Refundable Deposit supported by Institution Bills/Receipts subject to the condition that the amount does not exceed 10% of total tuition fees for the entire course.

Travel Expenses/ passage Money for Studies Abroad.

Purchase of Computers - Essential for Completion of the Course.

Any other expense required to complete the course - like Study Tours, Project Work, Thesis, etc.

Cost of a Two-wheeler up to Rs. 50,000/-

Balance Transfer from other FI to IDBI Bank: Not Allowed

Minimum Criteria

Student should be an Indian National having physical disability to the extent of 40% or more and have secured admission in a recognized educational institution, through merit quota, in India or Abroad.

Repayment Period

The repayment tenor after completion of the moratorium period 7 years

Interest Rate

4% for Male Students and 3.50% for Female students

Processing Fee

For studies in India : NIL

For studies abroad : 1% of the loan amount subject to a maximum of Rs.5000/- plus applicable taxes to be collected for studies abroad and refunded at the time of disbursement

Pre-Payment Charges

NIL

Amount (maximum amount can be approved to applicant)

Need based finance subject to repaying capacity of the parents/students with margin and the following ceilings:

Studies in India – Maximum Rs.10 Lakh

Studies abroad – Maximum Rs. 20 Lakh

13).
IDBI Bank

Bank Name

IDBI Bank

Scheme Name

Education Loan for Non-Vocational Courses

Description

Granted to Students who are Indian Nationals –

Having secured admission to a higher education course in recognized institutions in India or Abroad through Entrance Test /Merit Based selection process after completion of HSC (10 plus 2 or equivalent).

OR

Having secured admission under Management Quota although he/she was eligible to secure admission under the merit quota, i.e. having secured marks above the cut-off level required for admission on merit basis as specified for General / SC / ST / OBC / Girl students, for that educational institute/programme.

Regular Degree/diploma courses like Aeronautical, pilot training, shipping, etc. provided these are recognised by competent regulatory bodies in India/abroad for the purpose of employment in India /abroad.

Co-applicant mandatory in each case, irrespective of loan amount

Collateral security : Up to Rs. 4 lakh : No security

Above Rs. 4 lakh and up to Rs. 7.5 lakh : Third Party Guarantee

Above Rs. 7.5 lakh : Land/Building (The minimum value shall be 1.33 times the amount of loan sought)/ Govt. securities/ Public Sector Bonds/ Units of UTI, NSC, KVP, LIC policy, gold, shares/units of mutual fund/debentures, bank deposit in the name of student/ parent/ guardian or any other third party (The minimum value shall be 1.1 times or as per respective margin limit against the security offered, whichever is minimum, of the amount of loan sought) or any other tangible security acceptable to the bank with suitable margin. The Land offered as collateral security should not be an agricultural land.

Applicable heads of expenses:

Fee payable to college/ school / hostel.

Examination/Library/Laboratory Fee.

Purchase of Books/ Equipments/ Instruments/ Uniforms.

Caution Deposit/Building Fund/ Refundable Deposit supported by Institution Bills/Receipts subject to the condition that the amount does not exceed 10% of total tuition fees for the entire course.

Travel Expenses/ passage Money for Studies Abroad.

Purchase of Computers - Essential for Completion of the Course.

Any other expense required to complete the course - like Study Tours, Project Work, Thesis, etc.

Insurance premium for student borrower, if insurance cover sought.

The maximum total expenditure under the heads e, f, g and h to be restricted to 50% of the total tuition fees payable for completion of the course.

Balance Transfer from other FI to IDBI Bank:Allowed subject to complying norms for Balance Transfer

Minimum Criteria

Student should be an Indian National and have secured admission to a higher education course in recognized institutions in India or Abroad through Entrance Test /Merit Based selection process after completion of HSC (10 plus 2 or equivalent) OR have secured admission under Management Quota although he/she was eligible to secure admission under the merit quota, i.e. having secured marks above the cut-off level required for admission on merit basis as specified for General / SC / ST / OBC / Girl students, for that educational institute/programme.

Repayment Period

The repayment tenor after completion of the moratorium period would be as under :

For loans up to Rs. 7.5 lakh : up to 10 years.

For loans above Rs. 7.5 lakh : up to 15 years.

Interest Rate

11% for Loans with sanction amount upto Rs.10 lakh.

12% for loans with sanction amount above Rs.10 lakh

Processing Fee

For studies in India : NIL

For studies abroad : 1% of the loan amount subject to a maximum of Rs. 5000/- plus applicable taxes to be collected for studies abroad and refunded at the time of disbursement

Pre-Payment Charges

NIL

Amount (maximum amount can be approved to applicant)

Need based finance subject to repaying capacity of the parents/students with margin and the following ceilings:

Studies in India – Maximum Rs.10 Lakh

Studies abroad – Maximum Rs. 20 Lakh

14).
KOTAK MAHINDRA BANK LTD

Bank Name

KOTAK MAHINDRA BANK LTD

Scheme Name

Kotak Mahindra Bank Ltd

Description

Education is the most important investment one makes in life. Kotak Mahindra bank aims to finance meritorious students who choose to pursue a higher education (professional or technical) in India and abroad.

Minimum Criteria

Student shall be an Indian national.

The student shall have secured the admission in India or abroad through entrance test / merit based selection process.

Repayment Period

Loan amt upto 7.50 lacs - upto 120 months

Loan amt greater than 7.50 lacs - upto 180 months

Interest Rate

Male-fixed ROI

ROI is linked to the base rate whichever is applicable

Upto 4 Lacs - base rate + 7.25%

Greater than 4lacs - base rate + 8.25%

Female-fixed ROI

ROI is linked to the base rate whichever is applicable

Upto 4lacs - base rate + 7.25%

Greater than 4lacs - base rate + 8.25%

Processing Fee

NA

Pre-Payment Charges

Loan amt upto 7.50 lacs - upto 120 months

Loan amt greater than 7.50 lacs - upto 180 months

Loan amt upto 7.50 lacs - upto 120 months

Loan amt greater than 7.50 lacs - upto 180 months

Amount (maximum amount can be approved to applicant)

10,00,000/- for studies in India

20,00,000/- for studies in abroad

15).
ORIENTAL BANK OF COMMERCE

Bank Name

ORIENTAL BANK OF COMMERCE

Scheme Name

ORIENTAL BANK OF COMMERCE

Description

The scheme aims at providing financial support to meritorious students for pursuing higher studies in India & abroad with affordable terms & conditions

Minimum Criteria

Student who is Indian National & meritorious and secured admission to higher education course in any institution recognized by a statutory body in India or abroad through entrance test/ merit based selection process after completion of HSC (10+2 or equivalent). However, entrance test or selection purely based on marks obtained in qualifying examination may not be the criterion for admission to some of the post graduate courses or research programmes. In such cases, banks will have to adopt appropriate criteria based on employability and reputation of the institution concerned.

ABROAD- 1% of loan amount to be recovered upfront, subject to minimum of Rs. 10000/- plus service tax if any. The process fee (excluding service tax if paid to Government) shall be refunded by way of credit to the loan account on availment of loan in borrower’s loan account.

Pre-Payment Charges

NIL

Amount (maximum amount can be approved to applicant)

Rs. 100 lacs (we think its showing wrong in site, it should be 10 lacs)

16).PUNJAB & SIND BANK

Bank Name

PUNJAB & SIND BANK

Scheme Name

PUNJAB & SIND BANK

Description

Scheme for financing higher education in India and Abroad for Indian Nationals.

Minimum Criteria

The student should be an Indian National and have secured admission to a higher education course in recognized institution in India or Abroad.

Repayment Period

Upto Rs 7.5 Lacs - 120 months

Above Rs 7.5 Lacs - 180 months

Interest Rate

For Male:

Upto Rs 4 Lacs - 13 %

Between Rs 4 Lacs to Rs 7.5 Lacs - 13.25 %

Above Rs 7.5 Lacs - 12.5 %

For Female:

Upto Rs 4 Lacs - 12.5 %

Between Rs 4 Lacs to Rs 7.5 Lacs - 12.75 %

Above Rs 7.5 Lacs - 12 %

Processing Fee

No processing / upfront charges may be levied on loans sanctioned under the scheme. Borrower to deposit Rs. 2000/- (for studies abroad) in lieu of Processing fee, in Saving account (to be kept under reserve, withdrawal thereof may be allowed to the borrower only after full availment of the loan. Otherwise the same be recovered as processing fee.

Student should have secured admission to a higher education course in recognized institutions in India through Entrance Test/ Merit Based Selection process after completion of HSC (10 plus 2 or equivalent)